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Business Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS We manage and report our operations as five global business segments: (1) Markets Advisory, (2) Capital Markets, (3) Work Dynamics, (4) JLL Technologies and (5) LaSalle. Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory and consulting services. Capital Markets service offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services. Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology. The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for JLL Technologies and LaSalle, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. In the first quarter of 2024, we revised the definition of segment Adjusted EBITDA to exclude certain Equity earnings/losses from investments. The impact of this revision is limited to the JLL Technologies and LaSalle segments. Comparable periods have been recast to conform to the revised presentation. Equity earnings/losses from unconsolidated operating ventures (not investments) remain included in Adjusted EBITDA. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. Summarized financial information by business segment is as follows.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2024 | 2023 | 2024 | 2023
Markets Advisory |  |  |  |
Leasing | $ | 665.4 |  | 547.7 |  | $ | 1,781.8 |  | 1,626.1 |
Property Management | 452.3 |  | 419.2 |  | 1,318.6 |  | 1,229.3 |
Advisory, Consulting and Other | 26.1 |  | 25.5 |  | 72.3 |  | 68.8 |
Revenue | $ | 1,143.8 |  | 992.4 |  | $ | 3,172.7 |  | 2,924.2 |
Depreciation and amortization(1) | $ | 16.3 |  | 15.9 |  | $ | 49.2 |  | 48.5 |
Equity earnings | $ | 0.1 |  | 0.1 |  | $ | 0.5 |  | 0.3 |
Adjusted EBITDA | $ | 151.9 |  | 85.1 |  | $ | 376.8 |  | 256.1 |
Capital Markets |  |  |  |
Investment Sales, Debt/Equity Advisory and Other | $ | 371.8 |  | 310.2 |  | $ | 950.8 |  | 870.3 |
Value and Risk Advisory | 86.0 |  | 87.5 |  | 262.0 |  | 256.1 |
Loan Servicing | 41.0 |  | 38.1 |  | 121.2 |  | 114.5 |
Revenue | $ | 498.8 |  | 435.8 |  | $ | 1,334.0 |  | 1,240.9 |
Depreciation and amortization | $ | 16.6 |  | 16.4 |  | $ | 50.3 |  | 48.5 |
Equity earnings | $ | 0.2 |  | 0.7 |  | $ | 0.8 |  | 6.1 |
Adjusted EBITDA | $ | 65.7 |  | 50.3 |  | $ | 124.5 |  | 97.0 |
Work Dynamics |  |  |  |
Workplace Management | $ | 3,164.6 |  | 2,637.1 |  | $ | 9,057.4 |  | 7,687.7 |
Project Management | 771.3 |  | 747.0 |  | 2,215.8 |  | 2,126.5 |
Portfolio Services and Other | 132.3 |  | 130.1 |  | 367.8 |  | 350.8 |
Revenue | $ | 4,068.2 |  | 3,514.2 |  | $ | 11,641.0 |  | 10,165.0 |
Depreciation and amortization | $ | 24.8 |  | 19.7 |  | $ | 66.3 |  | 58.9 |
Equity earnings | $ | 1.0 |  | 0.1 |  | $ | 2.1 |  | 1.3 |
Adjusted EBITDA | $ | 74.3 |  | 61.6 |  | $ | 196.3 |  | 143.5 |
JLL Technologies |  |  |  |
Revenue | $ | 56.7 |  | 58.9 |  | $ | 167.0 |  | 180.9 |
Depreciation and amortization | $ | 4.9 |  | 3.9 |  | $ | 14.2 |  | 11.9 |
Adjusted EBITDA(2) | $ | (7.8) |  | (5.7) |  | $ | (23.8) |  | (25.2) |
Equity earnings (losses) | $ | 11.6 |  | (3.0) |  | $ | 1.6 |  | (102.0) |
LaSalle |  |  |  |
Advisory fees | $ | 92.7 |  | 102.7 |  | $ | 278.1 |  | 306.3 |
Transaction fees and other | 8.6 |  | 7.4 |  | 24.4 |  | 22.8 |
Incentive fees | — |  | — |  | 4.8 |  | 39.3 |
Revenue | $ | 101.3 |  | 110.1 |  | $ | 307.3 |  | 368.4 |
Depreciation and amortization | $ | 1.9 |  | 2.2 |  | $ | 5.9 |  | 5.8 |
Adjusted EBITDA(2) | $ | 14.0 |  | 26.0 |  | $ | 57.7 |  | 83.9 |
Equity losses | $ | (13.8) |  | (9.1) |  | $ | (25.0) |  | (23.0) |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. (2) JLL Technologies and LaSalle Adjusted EBITDA excludes Equity earnings/losses. The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2024 | 2023 | 2024 | 2023
Adjusted EBITDA - Markets Advisory | $ | 151.9 |  | 85.1 |  | $ | 376.8 |  | 256.1 |
Adjusted EBITDA - Capital Markets | 65.7 |  | 50.3 |  | 124.5 |  | 97.0 |
Adjusted EBITDA - Work Dynamics | 74.3 |  | 61.6 |  | 196.3 |  | 143.5 |
Adjusted EBITDA - JLL Technologies | (7.8) |  | (5.7) |  | (23.8) |  | (25.2) |
Adjusted EBITDA - LaSalle | 14.0 |  | 26.0 |  | 57.7 |  | 83.9 |
Adjusted EBITDA - Consolidated | $ | 298.1 |  | 217.3 |  | $ | 731.5 |  | 555.3 |
Adjustments: |  |  |  |
Restructuring and acquisition charges | $ | 8.8 |  | (31.6) |  | $ | (4.4) |  | (79.1) |
Net gain (loss) on disposition | — |  | 1.3 |  | — |  | (0.5) |
Interest on employee loans, net of forgiveness | 1.8 |  | 1.6 |  | 4.1 |  | 2.3 |
Equity earnings (losses) - JLL Technologies and LaSalle | (2.2) |  | (12.1) |  | (23.4) |  | (125.0) |
Credit losses on convertible note investments | (6.3) |  | — |  | (6.3) |  | — |
Net non-cash MSR and mortgage banking derivative activity | (5.1) |  | (7.1) |  | (25.9) |  | (9.5) |
Interest expense, net of interest income | (38.1) |  | (37.1) |  | (110.3) |  | (103.9) |
Income tax provision | (37.4) |  | (14.5) |  | (73.8) |  | (13.0) |
Depreciation and amortization(1) | (64.5) |  | (58.1) |  | (185.9) |  | (173.6) |
Net income attributable to common shareholders | $ | 155.1 |  | 59.7 |  | $ | 305.6 |  | 53.0 |
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

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- Definition The entire disclosure for reporting segments including data and tables. 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